According to The Mortgage Bankers Association’s Weekly Applications Survey, mortgage rates set yet another record low last week. The average contract interest rate for 30-year fixed-rate mortgages fell to 4.43 percent from 4.55 percent the week before. The drop in rates spurred loan demand and led to a 2.8 percent increase in The Refinance Index and a 1.8 percent jump in purchase activity. Michael Fratantoni, MBA’s vice president of research and economics, said, despite the slight increase in demand, the continued low level of purchase applications indicates upcoming sales reports are unlikely to show improvement. More here and here.

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